Progress Distribution wants London tech incubator

13196_0Progress Distribution will launch an emerging technology incubator in London, once it has completed an investment deal.

Progress is a specialist security VAD peddling TrapX, Ironscales and Cybereason in the UK.

It is believed that the distributor is close to agreeing funding of between £2m and £2.5m with a secret investor worth around £130 million.

Progress founder John Quinn said that once the cheque clears, the company will buy a 10,000 sq ft building in London to house emerging tech vendors as they enter the UK, with the rest of the investment being used to fund two acquisitions.

Quinn claimed that the standard distribution model was broken. If you speak to the vendors they all want something different because gone are the days when you want distributors for banking and finance, logistics, tax – all the sort of things that come from standard distribution services.

“The problem with standard distribution, or the broadliners, is they don’t really have the ability to create demand. Tech incubation is the future of VAD,” Quinn said.

CCS Media is aiming to hit £250 million revenue within five years by expanding its headcount, investing in staff development, and building its services business.